SA gold mining production down in 2007 - Tuesday 12th February 2008

Gold production from mining activities in South Africa saw a one per cent decrease last year compared with 2006, new figures have indicated.

According to Statistics South Africa, which produced the data, total minerals production also fell by 0.2 per cent in 2007, following a 1.5 per cent drop in 2006.

Total gold mining production during the fourth quarter fell by 0.8 per cent; however, sales of gold bullion rose by 13 per cent between November 2006 and November 2007.

The figures follow a report from GFMS which showed that total gold production from mining fell globally by one per cent last year.

Mines in South Africa have suffered from recent power cuts that have led to several company outlooks forecasting a drop in gold production - a trend that may have an upward effect on gold prices.

In general, production around the world continues to drop, partly as a result of fewer significant gold deposits being found by mining firms.

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Goldbug, 12 Feb '08

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